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Digital Temperature And Humidity Sensor Market - Forecast(2024 - 2030)
Digital Temperature and Humidity Sensor Market Overview
Digital Temperature and Humidity Sensor Market size is estimated to reach $4.3 billion by 2026 at a CAGR of 9.9% during the forecast period 2021-2026. The growth of digital temperature and humidity sensor market is majorly attributed to the rising demand for integrated surface mount technology humidity and temperature sensors to provide high accuracy measurements with low power requirement in order to simplify asset monitoring solutions preventing from premature equipment failure. Increasing penetration of digitalization in sensing technology is estimated to drive Digital Microelectromechanical systems (MEMS) Temperature and Humidity Sensor Market. The burgeoning demand for advanced electronics products for consumer electronics including smartphones, smart wears or smart home applications is significantly triggering the market. Presence of temperature and humidity sensors integrated with heating, ventilation air conditioning (HVAC) system in autonomous cars or electric vehicles are also contributing to the digital temperature and humidity sensor market growth.
Report Coverage
Key Takeaways
- APAC is
estimated to be the fastest growing market during 2021-2026 with a CAGR of
11.5% owing to high investments in industrialization and digitalization.
- Among
industrial sectors, Utility sector is analyzed to be the fastest growing
market with a CAGR of 12.1% due to increasing penetration of smart utility
leveraging real-time monitoring platform. Consumer sector is estimated to
witness the highest growth due to burgeoning demand for advanced
electronic devices for smart home applications.
- Increasing demand
for IoT sensors in automotive sector and increasing penetration of smart
utility are driving the market.
- High capital expenditure is one of the challenges impeding the market growth.
Global Digital Temperature and Humidity Sensor Market Value By Region, By 2020 (%)
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Digital Temperature and Humidity Sensor Market Segment Analysis – By Application
By
application in Digital Temperature and Humidity Sensor, Smart home applications
are estimated to witness significant growth due to rising demand for consumer
electronics and increasing penetration of smart home appliances to control
residential HVAC system. In February 2021, Leeds City Council announced to
deploy IoT sensors including temperature and humidity leveraging smart home
solutions. Such initiatives are set to drive the market from 2021 to 2026.
Digital
Temperature and Humidity Sensor Market Segment Analysis – By End User
By end user Industrial sector is estimated to account for the largest
market share at 14.5% during 2021-2026. Among industrial sector, Automotive is
analysed to witness a significant growth between 2021 and 2026 due to the
rising demand for powertrain, body electronics and alternative fuel vehicle. Utility
sector is estimated to witness the highest growth with a CAGR of 12.9% during
2021-2026 due to increasing demand for real-time thermal monitoring of mission
critical applications to optimize performance and efficiency. In December 2020,
Hitachi ABB Power Grids developed a fully integrated 220 kV substation with
advanced power system management and equipment monitoring system to fulfil the
unprecedented upsurge in electricity in Dublin. Such developments are estimated
to significantly trigger the market growth during the forecast period
2021-2026. Consumer sector is analysed to witness significant growth from 2021
to 2026 due to rising demand for smart sensors for smart home applications.
Digital
Temperature and Humidity Sensor Market Segment Analysis – By Geography
By Geography, Digital Temperature and Humidity Sensor market is segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with a CAGR of 11.5% owing to heavy industrialization and transition towards digitalization. According to reports by Northeast Group, in October 2020, South-east Asia declared to invest USD 25.9 billion in smart grid infrastructure over the next decade to accelerate smart metering, grid automation for enhancing the developments in utility sector and such government initiatives are set to drive the market. North America is estimated to hold a significant amount of market share at 37.1% during the forecast period 2021-2026 owing to high government investments in smart grid infrastructure and continuous up-gradation of existing infrastructure towards latest technology. In February 2021, New York Power Authority (NYPA) announced the availability of remote monitoring of utility assets to prevent equipment failure ensuring more resilient, reliable and flexible energy system and thus accelerating the market growth.
Digital Temperature and Humidity Sensor Market Drivers
Increasing demand for IoT sensors in Automotive Vehicles
Increasing
adoption of autonomous cars and electric vehicles is set to drive the market
during the forecast period 2021-2026. Rising demand for intelligent sensors in
automotive sector enabling data conversion, digital processing to create a
robust thermal management solution ensuring safety of critical applications is
propelling the market. Growing demand for faster data processing and
instantaneous reliable decision making to simplify asset monitoring solution with
minimum human intervention is analyzed to significantly trigger the growth of
the market during 2021-2026. In February 2021, Angila announced the partnership
with Sensirion AG to provide digital microsensors serving wide range of
industrial applications for IoT sensing applications.
Such partnerships are steering the market.
Increasing adoption of smart sensors in smart utility
Increasing
convergence of utility sector with digitalization to deliver an intelligent
digital grid management system has contributed to the growth of the market.
Growing demand for deployment of Advanced Metering Infrastructure (AMI) and
Distribution Automation (DA) has significantly triggered the market. Increasing
penetration of smart sensors in utility sector enabling transmission of data
and communication with external devices to optimize power generation,
transmission and distribution is poised to drive the market. Massive and quick
adoption of smart meters for smart home applications is also set to steer the digital
temperature and humidity market. In April 2021, Network Thermostat launched new
surface mount remote temperature and humidity sensor to incorporate both
temperature and humidity sensing in the same device. Such product launches are
augmenting the market.
Digital Temperature and Humidity Sensor Market Challenges
High Capital Expenditure
Digital Temperature and Humidity Sensor installation includes
high capital expenditure due to rising costs of intelligent electronic devices.
Many enterprises are reluctant to adopt this advanced monitoring system due to
budget constraint and thus restraining the growth of the market.
Digital Temperature and Humidity Sensor Market Landscape
Technology
launches, acquisitions, Partnerships and R&D activities are key strategies
adopted by players in the Digital Temperature and
Humidity Sensor market. In 2020, the market of Digital Temperature and Humidity
Sensor industry outlook has been fragmented by several companies. Digital Temperature and Humidity Sensor top 10
companies include Robert Bosch GmbH, Honeywell International, Inc., Continental
Ag, Delphi Automotive PLC, NXP Semiconductor N.V., Texas Instruments, Inc.,
Sensata Technologies, Inc., Analog Devices, Inc., Sensirion AG, Melexis NV among
others.
Acquisitions/Technology Launches
- In March 2021, Bosch Sensortec launched BME688, first gas sensor combining gas, temperature, humidity, barometric pressure sensing with Artificial Intelligence.
- In November 2020, Cisco launched two new cloud based IoT sensor solution to provide real time insights on temperature, humidity, water leak and property/room access.